This will be the last edition for 2019. Therefore, it will be a little more extensive than the usual TA-Tuesday Reports.
BTC$ (daily, but with a longer timeframe)
This chart will also be part of my 2019 review and outlook report, which will come out at the beginning of next week.
From a technical point of view, I believe we are still within a very large symmetrical triangle. Both legs have three touch points, which gives me some confidence in the importance of those lines. As per textbook, the symmetrical triangle is a trend continuation pattern. I am expecting the price to break out to the upside. It is clearly visible that 5.9k is very possible to reach, and it might even be healthy for the overall pattern. This is because a breakout move should start from somewhere in the middle of the pattern.
A first sign of a possible breakout attempt would be if we push through the 8k level and then later leave 9k behind.
In terms of a shorter timeframe, we are not looking at a bullish chart. Currently, we are on the way to retesting the 6.5k support. I am expecting some proper resistance from the bulls down there.
In case we have to give way to the 6.5k support level, the support line from the weekly chart at 5.9k will come into play. Below 5.9k, it will be pure capitulation, and I am expecting a sell wave to hit the market. This will push prices down to 4.9k.
On the sunny side (top side), we will have the first resistance at around 7.5k, and later at 8k. The big relief level for the bulls is pretty far away at around 10.5k.
In such an event, I see the price drifting in a very wide range of $80-135.
On the downside, I am not seeing much happening until the psychological level of $100.
I believe the price action will stay weak as we are approaching a low liquidity pool section until the $30 level.
On the daily charts, the low liquidity pool section is a bit easier to see.
To turn mildly bullish, I need to see the price back up above $225.Weiterlesen